On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..

On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..

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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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